UK Officials Kept in Dark About Problems Plaguing Economic Data
Robert Chote, chair of the UK Statistics Authority, said on Tuesday that he was not told about an internal probe into the concerns at the Office for National Statistics and only found out by chance more than a year later. The UKSA Board oversees the ONS, which produces the official economic data that have been plagued by a crisis of confidence in their accuracy.
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New York Times
26 minutes ago
- New York Times
Independent English football regulator given green light by MPs
The bill to introduce English football's first independent regulator was approved in the House of Commons on Tuesday by a majority of 415 votes in favour to 98 against, making its passage into law this summer a formality. In a lively third reading of the bill, the Secretary of State for Culture, Media and Sport Lisa Nandy and sports minister Stephanie Peacock said football fans had waited long enough for a government to protect clubs from rogue owners. They also poked fun at the opposition benches for the Conservative Party's U-turn on independent regulation, despite their active support for the idea when they were in government, and pointed out that politicians from all parties had been talking about this for more than a decade. Advertisement 'We are doing this for you, the best fans in the world,' Nandy told a well-attended debate. 'For too long you've been treated as an afterthought, at best, and a nuisance, at worst, in a game that's only great because of you.' She then said the bill was for the supporters of clubs that have either gone bust, such as Bury and Macclesfield, or have got very close to the precipice, such as Wigan, Bolton, Derby, Reading, Sheffield Wednesday and Morecambe, the National League side that faces a very uncertain future as a proposed takeover is being held up by their current owner. While the vote was another resounding victory for the government on this bill's passage through parliament, the shadow sports minister Louie French did not go down without swinging. The Conservative MP for Old Bexley and Sidcup repeatedly accused the government of risking English football's financial health by 'replacing the risk of irresponsible owners with reckless political interference', saying the regulator would tie clubs up in red tape and had too much power. French also clashed with Nandy over his claim that the government's choice to chair the independent regulatory, veteran media executive and Labour Party donor David Kogan, was a 'government crony'. Nandy hit back hard at this line of attack, noting that Kogan's name was on a long list of candidates she inherited from the last Conservative government, which included a Conservative Party donor, and that Kogan had been appointed to chair public broadcaster Channel 4 by the Conservatives. But she was warned by the speaker of the house for suggesting that French was displaying 'staggering hypocrisy', as that would be 'unparliamentary language'. French, however, did attempt to add an amendment to the bill that would have ended the ban on fans being allowed to drink alcohol within sight of the pitch in the top five tiers of men's football in England. The amendment was defeated by 178 votes in support to 338 against. Advertisement The government's stance on this idea is more nuanced than the vote would suggest, however. In fact, the last government approved a pilot scheme to test if alcohol could be made as available at football games as it is at cricket, rugby and all other sports, as well music events held at football stadiums. Those pilots did not happen, though, and the Labour government is keen to push on with them. The Liberal Democrats also proposed an amendment to the bill that would have seen 10 Premier League games a season ring-fenced for broadcast on free-to-air channels, plus the League Cup final and all of the EFL's play-off finals. While this idea would undoubtedly be a crowd-pleaser, it would also almost certainly scupper English football's business model, which is highly dependent on the large fees it receives from the likes of Sky Sports and TNT Sports in return for exclusive live rights. It is also hard to think of a better example of the type of government interference that the bill's critics, most notably the Premier League, have been warning against. As a result, the government did not support the Liberal Democrat idea and it was defeated by 340 votes to 86. The bill, without these two defeated amendments, now goes back to the House of Lords for its consent to the small number of changes the House of Commons did make to the original draft, which should be quickly nodded through, leaving only the final formality of royal assent before it becomes law. After such a smooth passage through parliament, the government is confident this will happen before Westminster's summer recess, which starts 22 July.
Yahoo
32 minutes ago
- Yahoo
Why Rocket Lab Stock Skyrocketed 33.5% Last Month and Has Kept Surging in July
A combination of bullish catalysts helped Rocket Lab stock reach a new record high in June. Rocket Lab landed a new deal with the European Space Agency and successfully completed two new rocket launches. Rocket Lab stock has risen even higher in July's trading thanks to analyst coverage and excitement about its tech. 10 stocks we like better than Rocket Lab › Aided by bullish momentum for the broader market, Rocket Lab (NASDAQ: RKLB) stock posted big gains in June's trading. The company's share price rocketed 33.5% higher in the month, according to data from S&P Global Market Intelligence. Meanwhile, the S&P 500 climbed 5%, and the Nasdaq Composite rose 6.6%. Comments from a Federal Reserve official last month pointed to an increased likelihood that the central banking authority will deliver a cut for the benchmark interest rate this month, and the development paved the way for the stock market to see big gains. In addition to the bullish backdrop for the market at large, Rocket Lab stock saw big gains in conjunction with business-specific news and positive coverage from analysts. On June 10, Cantor Fitzgerald published new coverage on Rocket Lab. Andres Sheppard, the firm's lead analyst on the stock, reiterated an overweight rating and raised his one-year price target from $29 per share to $35 per share. Sheppard pointed to Rocket Lab's successful launch history, different rocket types, and launch sites as strong competitive advantages. He also noted that Rocket Lab could benefit from the worsening relationship between President Trump and SpaceX CEO Elon Musk. Late in the month, Rocket Lab announced that it had landed a contract with the European Space Agency (ESA) to launch two satellites. The news prompted a substantial rally for the stock, and shares moved even higher after the company announced the launches of its 67th and 68th Electron rockets. The two launches occurred at the same launch site within 48 hours, marking the company's fastest-ever turnaround time for a launch. The news pushed Rocket Lab stock to a new record high, and it's kept climbing from there. Rocket Lab stock has continued on its upward trajectory this month. As of this writing, the company's share price is up 8.2% across July's trading. In addition to continued excitement surrounding its opportunities in the space industry, the stock has gotten a lift from bullish analyst coverage. In a note published July 2, KeyBanc maintained an overweight rating on Rocket Lab and raised its price target on the stock from $29 per share to $40 per share. As of this writing, KeyBanc's latest price target implies additional upside of roughly 3%. Rocket Lab now has a valuation of roughly $17.9 billion and is trading at approximately 31 times this year's expected sales. While the recent rally for the stock may raise questions about whether the company's valuation has become unreasonably stretched, the business looks poised to grow at a rapid clip in the near term and seemingly has huge expansion opportunities over the long haul. Before you buy stock in Rocket Lab, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Rocket Lab wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $695,481!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $969,935!* Now, it's worth noting Stock Advisor's total average return is 1,053% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Lab. The Motley Fool has a disclosure policy. Why Rocket Lab Stock Skyrocketed 33.5% Last Month and Has Kept Surging in July was originally published by The Motley Fool Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
42 minutes ago
- Yahoo
Lucid Shatters World Record With 749-Mile Drive On A Single Charge
The widespread adoption of electric vehicles has long been hindered by a two-headed dragon: the lack of public charging infrastructure and the typical driver's range anxiety. These obstacles push automakers to find ways to improve range and show off their progress. A Lucid Air Grand Touring took the Guinness World Record for the longest trip in an EV on a single charge last weekend. The luxury sedan completed an impressive 749-mile journey between St. Moritz, Switzerland and Munich, Germany, shattering the previous record by nearly 100 miles. Behind the wheel of the Lucid was Umit Sabanci, a London-based entrepreneur who has the eccentric hobby of breaking Guinness World Records. In 2017, Sabanci set the record for visiting the most countries in 24 hours by scheduled transportation. He and a friend darted to 13 countries across Europe. In 2022, he completed the fastest circumnavigation of the Earth by scheduled flights. Sabanci flew a three-flight itinerary from and to Los Angeles International Airport in 46 hours and 23 minutes via Doha, Qatar and Brisbane, Australia. Sabanci previously worked with Lucid. He broke the record driving to the most countries on a single charge in June 2024. The vanity record breaker drove 567 miles southward through the Netherlands, Belgium, Luxembourg, Germany, France, Switzerland, Austria, Liechtenstein and Italy. In a statement regarding the single-charge distance record, he said: "When I completed the nine-country journey in 2024, it was just the beginning. This new achievement takes that journey even further. I'm proud to be part of a movement that proves electric mobility isn't just the future; it's already redefining what's possible today." Read more: These Are The Cars Our Readers Wish Would Depreciate Faster If his background didn't show it, he isn't an elite-level EV hypermiling tuner. The run was done in collaboration with Lucid. The California-based manufacturer likely provided the modifications and expertise necessary to extend the drive far beyond the Lucid Air Grand Touring's EPA-estimated range of 516 miles. Lucid has stripped the record from a privately run Mercedes-Benz EQS 450+. The previous record of 645 miles was set just last month and broke the symbolic 1,000-kilometer barrier. One can only hope that competition for bragging rights between manufacturers will drive the record even further out and lead to technology that will become standard across all EVs. It's hard to believe that we're only three years removed from Mercedes-Benz Vision EQXX's unveiling. The German automaker built a hyper-efficient electric concept car to prove that an electric vehicle could have 1,000 kilometers of range. However, the one-off car was designed as a bland, blobby teardrop to minimize drag, taking function over form to the extreme. Now, we're seeing typically styled electric cars blasting past the 1,000-km mark. It's impressive to see how far EVs have progressed in recent years, and hopefully, this level of development won't stop. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
